Northern Trust Corp Buys 28,960 Shares of Reddit Inc. $RDDT

Key Points

• Northern Trust Corp increased its holdings in Reddit Inc. by 10.8% during the first quarter, acquiring an additional 28,960 shares to bring its total to 296,086 shares, valued at approximately $31 million.
• Reddit's recent quarterly earnings report showed earnings per share of $0.45, significantly surpassing analysts' expectations of $0.20, with a year-over-year revenue increase of 77.9%.
• Insider trading activity included CEO Steve Ladd Huffman selling 14,000 shares at $244.70 each, decreasing his ownership by 2.57%, while insiders collectively sold 468,777 shares valued at $78.2 million last quarter.

Northern Trust Corp grew its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 10.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 296,086 shares of the company's stock after buying an additional 28,960 shares during the quarter. Northern Trust Corp owned about 0.16% of Reddit worth $31,059,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Whale Rock Capital Management LLC acquired a new stake in Reddit in the fourth quarter worth approximately $204,054,000. Vanguard Group Inc. boosted its position in shares of Reddit by 11.1% in the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock valued at $1,069,828,000 after purchasing an additional 1,017,162 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Reddit by 98.2% during the first quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock valued at $200,096,000 after acquiring an additional 944,847 shares during the period. Cresset Asset Management LLC boosted its stake in Reddit by 159.6% in the 4th quarter. Cresset Asset Management LLC now owns 1,308,797 shares of the company's stock worth $213,910,000 after purchasing an additional 804,591 shares during the period. Finally, Nuveen Asset Management LLC grew its position in Reddit by 424.6% during the 4th quarter. Nuveen Asset Management LLC now owns 932,991 shares of the company's stock worth $152,488,000 after purchasing an additional 755,152 shares in the last quarter.

Reddit Stock Performance

Shares of RDDT traded down $0.43 during trading hours on Wednesday, hitting $219.63. 6,778,637 shares of the company were exchanged, compared to its average volume of 7,786,260. The firm's 50 day moving average is $181.62 and its 200-day moving average is $141.96. Reddit Inc. has a 52 week low of $55.25 and a 52 week high of $253.14. The company has a market cap of $41.10 billion, a PE ratio of 199.82, a PEG ratio of 3.57 and a beta of 2.40.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.25. Reddit had a return on equity of 9.93% and a net margin of 12.97%.The firm had revenue of $499.63 million during the quarter, compared to analyst estimates of $424.07 million. During the same period in the previous year, the company earned ($0.06) EPS. The company's revenue for the quarter was up 77.9% on a year-over-year basis. Reddit has set its Q3 2025 guidance at EPS. As a group, equities analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research analyst reports. Wolfe Research upgraded Reddit to an "outperform" rating in a report on Sunday, August 3rd. Loop Capital reduced their price target on shares of Reddit from $210.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, June 12th. Sanford C. Bernstein upped their price objective on shares of Reddit from $130.00 to $150.00 and gave the company a "market perform" rating in a research note on Tuesday, July 22nd. Robert W. Baird boosted their price target on shares of Reddit from $120.00 to $151.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Bank of America increased their price objective on Reddit from $130.00 to $150.00 and gave the stock a "neutral" rating in a report on Wednesday, July 30th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Reddit presently has an average rating of "Moderate Buy" and a consensus target price of $175.38.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 28,000 shares of the firm's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $218.94, for a total value of $6,130,320.00. Following the sale, the chief technology officer directly owned 222,534 shares of the company's stock, valued at approximately $48,721,593.96. This trade represents a 11.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,409 shares of Reddit stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $124.45, for a total value of $15,482,700.05. Following the completion of the transaction, the chief executive officer owned 546,133 shares in the company, valued at $67,966,251.85. The trade was a 18.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 468,777 shares of company stock valued at $78,225,996. 34.25% of the stock is owned by corporate insiders.

Reddit Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.